NORWALK, Conn., April. 25, 2013
/PRNewswire/ -- The Tirex Corporation (OTCPK: TXMC) – owner of a
U.S. patented tire recycling (TCS) technology – entered into a
License Agreement with Green Recycling Solutions International LLC
(GRSI) of Fort Lee, New Jersey, to
market, sell and own/operate TCS facilities.
"The agreement licenses GRSI to sell and own/operate TCS
facilities in its licensed territory including, but not limited to,
North American states and provinces, the Caribbean, Africa, Central and
South America," according to Tirex
President, John L. Threshie
Jr. "GRSI and Tirex, both collectively and separately,
have been marketing and planning to sell and own/operate TCS
facilities in any and all suitable markets worldwide," Threshie
added.
"On all TCS Systems sold, Tirex charges an annual license
fee and a manufacturing commission. We project TCS facilities
to have an approximate 25% Internal Rate of Return and 100% Return
on Investment under four years for a $7
million turnkey TCS facility, prior to the consideration of
any tipping fees or other forms of scrap tire recycling subsidies,
although there can be no assurance that such results will be
accurate for any single installation," Threshie said.
GRSI's CEO, Julio Llaguno,
stated: "We committed our new company to go to market with Tirex's
TCS technology because we believe it is the best new technology
available to make a major impact in the scrap tire industry."
According to Llaguno, GRSI has identified several markets suitable
for the TCS technology and they are ready to start setting up the
first TCS facility in a market soon to be announced.
"This agreement is the first necessary step towards the
commercialization of our technology. As part of the
compensation for its license and its stated intent to purchase a
TCS System once Tirex returns to a current-reporting status with
the SEC, GRSI will finance the audit of our financials and its
procedures, which should move us to a better position in the OTC
marketplace," Threshie added.
For the GRSI financing of the legal and audit costs to restore
Tirex as a current-reporting SEC company, Tirex, upon the
completion of certain financial milestones paid for by GRSI through
the Escrow Agent, will progressively issue GRSI 288,936,341
restricted common shares also through the Escrow Agent. All
share issuances are subject to a 9.99% Equity Blocker provision.
The Tirex Board is preparing an application to increase the
amount of the authorized common shares to accommodate this
transaction.
Louis V. Muro, inventor of the
TCS technology and Tirex founder, offers: "After years of
development we are excited to associate with a partner worthy and
capable of financing not just the first TCS commercial system, but
others, as well."
ABOUT TIREX
Tirex's TCS (Tirex Cryo System) process freezes scrap tire
pieces with cold air, as opposed to expensive liquid nitrogen, and
then "breaks" the rubber into upmarket "cryogenic" crumb rubber
through its patented "fracturing mill." This process also
separates the marketable strands of steel and fiber from the crumb
rubber with a "green," environmentally-friendly,
economically-attractive tire recycling system. For more
information, go to www.tirex-tcs.com.
ABOUT GREEN RECYCLING SOLUTIONS INTERNATIONAL
Green Recycling Solutions International LLC is a private company
incorporated in Delaware with its
head office in Fort Lee, New
Jersey. Its mission is to integrate the scrap tire industry
with the TCS technology by selling and owning/operating TCS
facilities in its licensed territory as well as other worldwide
markets. For more information, go to www.grsillc.com.
FORWARD-LOOKING STATEMENTS
(The statements which are not historical facts contained in this
news release are forward-looking statements that involve certain
risks and uncertainties including, but not limited to, risks
associated with the uncertainty of future financial results,
additional financing requirements, development of new products,
government approval processes, the impact of competitive products
or pricing, technological changes, the effect of economic
conditions and other uncertainties detailed in the Company's
filings with the Securities and Exchange Commission.)
CONTACTS:
|
|
The
Tirex Corporation
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Greg
McAndrews & Associates
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JOHN L.
THRESHIE JR.
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GREGORY A.
McANDREWS
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(203)
522-3247
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(310)
804-7037
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info@tirex-tcs.com
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greg@gregmandrews.com
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SOURCE The Tirex Corporation